'US has done least to address global warming'

Agencies|

Jul 03, 2008, 03.17 PM IST

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NEW DELHI: The US has done the least among the world's eight biggest economies to address global warming, a study released on Thursday found.

The G8 Climate Scorecards 2008, released ahead of next week's gathering of the Group of Eight on the northern Japanese island of Hokkaido, also found that none of the eight countries are making improvements large enough to prevent temperature increases that scientists think would cause catastrophic climate changes.

The gathering includes the heads of states of the US, Japan, Britain, Germany, France, Italy, Canada and Russia.

The study shows time is running out, Regine Guenther, director of the World Wildlife Fund Climate Change Program in Germany, said in a statement. "We have 10 to 15 years left in which the global emissions have to peak and decline," she said.

The G8 Climate Scorecards 2008, a report by Ecofys, an independent consultancy, was commissioned jointly by environmental organization WWF and international financial services provider Allianz. It ranks the G8 countries according to nine quantitative indicators, such as comparing past emission trends since 1990 and progress against the country���s Kyoto target. It also scores performance on three specific policy areas, energy efficiency, renewable energy, and development of carbon markets.

"The scorecards show that the leading industrialised countries are not set to meet required emission reductions to stay within a 2 degree warming," said Ravi Singh, Secretary General and CEO, WWF-India.

Dr. Joachim Faber, holding board member of Allianz SE, said: "The G8 countries have a responsibility to be high achievers in the race against climate change. They need to be role models trailblazing the way to steer the world towards a low carbon, clean energy economy."

Allianz SE supports the research to gain a better understanding of the changing investment and regulatory landscape as well as of the opportunities for new insurance and fund product developments in its different markets.

"Climate change can create huge opportunities for clean technologies where Allianz SE sees an enormous potential for investment, growth and jobs. Particularly important for developing this potential is the promotion of a global carbon market," said Dr. Faber.

Leaders at the upcoming G8 Summit in Japan next week should commit to a binding long-term target for emission reductions of 80 per cent by 2050, and as close to 40 per cent as possible by 2020, the report states.

According to the G8 Climate Scorecards 2008, the UK leads the race slightly ahead of France and Germany but all three countries are at best half as far along the road as they should be.

The UK is projected to reach its Kyoto target, and introduces innovative policies like the Climate Change Bill. While it is putting a strong emphasis on its carbon markets approach, it does too little to accelerate its use of renewable energy and foster energy efficiency. Furthermore the share of coal is currently rising in the UK energy mix, which drives emissions up.

The scorecards also analyse the climate and energy policies of the five emerging economies Brazil, China, India, Mexico, and South Africa. These countries cannot be measured with the same ruler as industrialized countries, and hence are not part of the ranking. The scorecards reveal great differences between them, in terms of development, energy mix, and resulting emissions. A key question is how industrialized countries will assist these five countries to bring about the move to a low carbon development.